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dedicated to being world class Kinross Investor Presentation Kinross Investor Presentation May 11, 2004 May 11, 2004 Forward Looking Statement Forward Looking Statement Certain statements set forth in this presentation constitute

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SLIDE 1

Kinross Investor Presentation Kinross Investor Presentation

May 11, 2004 May 11, 2004

dedicated to being world class

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SLIDE 2

Certain statements set forth in this presentation constitute "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of

  • 1995. Such statements involve risks, uncertainties and
  • ther factors that may cause the actual results, performance or achievements to

differ from those expressed or implied by such forward looking statements. Such risks and uncertainties are described in periodic filings made by Kinross Gold Corporation with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. All dollar amounts used throughout this presentation are expressed in US dollars, unless otherwise noted.

Forward Looking Statement Forward Looking Statement

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SLIDE 3

Meeting Agenda Meeting Agenda

Jerry Danni

Vice President, Environmental, Health & Safety

Environmental Ron Stewart

Vice President, Exploration

Exploration Bob Taylor

Vice President and General Manager, Kettle River

Kettle River Fred Mason

Vice President and General Manager, Refugio

Refugio Mike Iannacchione

Vice President and General Manager, Round Mountain

Round Mountain John Wild

Vice President and General Manager, Fort Knox

Fort Knox Scott Caldwell

Executive Vice President and Chief Operating Officer

Operations Bob Buchan

President & Chief Executive Officer

Corporate

slide-4
SLIDE 4

Bob Buchan Bob Buchan

President & President & Chief Executive Officer Chief Executive Officer DEDICATED TO BEING WORLD CLASS DEDICATED TO BEING WORLD CLASS

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SLIDE 5

Brian Penny VP, Finance/Chief Financial Officer John Ivany Executive VP Scott Caldwell Executive VP, Chief Operating Officer Chris Hill VP, Investor Relations Ron Stewart VP, Exploration Bob Buchan President & Chief Executive Officer

Bench Strength - Corporate Bench Strength - Corporate

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SLIDE 6

Kinross Gold Corporation Operations Management Organization Kettle River Porcupine JV Musselwhite JV Blanket Lupin Rick Baker VP, Operations Round Mountain Refugio (Operations) La Coipa JV Mike Doyle VP, Operations

  • Ft. Knox

Kubaka Paracatu JV Crixas JV Alan Edwards VP, Operations Refugio (Project Phase) Pamour Paracatu Buckhorn Mtn. Development Gurupi Andy Kaczmarek VP, Project Develpment Al Schoening VP, HR & Public Affairs Jerry Danni VP, Environment, H&S Rod Cooper VP, Technical Services Scott Caldwell Executive Vice President & Chief Operating Officer

Bench Strength - Operations Bench Strength - Operations

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SLIDE 7
  • Out of Greece
  • Approved Refugio restart, construction underway
  • Moving ahead with Pamour project in Timmins
  • Fort Knox pit layback approved and underway
  • Paracatu SAG Mill
  • Buckhorn transaction
  • Hedge Book now expected to be eliminated in Q2/04

Going Forward Going Forward

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SLIDE 8

Kinross is now a major gold producer, focused Kinross is now a major gold producer, focused in the Americas in the Americas

Concerns addressed:

  • Financial leverage – strong balance sheet
  • Cash costs – comparable to other North American

seniors

  • Reserve life – increasing year over year
  • Execution risk – None
  • Deliver on the deliverables

Kinross Today Kinross Today

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SLIDE 9
  • Continue expanding the reserve base
  • Go back to the drill bit
  • Find and retain quality employees
  • Meet or exceed Corporate Governance

standards

Corporate Mission…Strategy Corporate Mission…Strategy

“DEDICATED TO BEING WORLD CLASS”

  • Work the current portfolio to its potential
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SLIDE 10

Looking Ahead - 2004 Goals Looking Ahead - 2004 Goals

2.

  • 2. Use excess capital to advantage

Use excess capital to advantage

  • Kinross has cash on hand, strong cash flows and is virtually debt free

3.

  • 3. Deliver on the deliverables

Deliver on the deliverables

  • Kinross will meet its production and operating cost forecast

4.

  • 4. Achieve and maintain 2 million ounce production

Achieve and maintain 2 million ounce production profile profile

  • Existing mines and a robust pipeline will make this ultimate goal a

reality

1.

  • 1. Replace and increase reserves

Replace and increase reserves

  • Paracatu expansion; Buckhorn
  • Increase average mine life from 7 to 8 years in 2004
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SLIDE 11

Scott Caldwell Scott Caldwell

Executive Vice President & Executive Vice President & Chief Operating Officer Chief Operating Officer DEDICATED TO BEING WORLD CLASS DEDICATED TO BEING WORLD CLASS

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SLIDE 12

Kinross Gold Corporation Operations Management Organization Kettle River Porcupine JV Musselwhite JV Blanket Lupin Rick Baker VP, Operations Round Mountain Refugio (Operations) La Coipa JV Mike Doyle VP, Operations

  • Ft. Knox

Kubaka Paracatu JV Crixas JV Alan Edwards VP, Operations Refugio (Project Phase) Pamour Paracatu Buckhorn Mtn. Development Gurupi Andy Kaczmarek VP, Project Develpment Al Schoening VP, HR & Public Affairs Jerry Danni VP, Environment, H&S Rod Cooper VP, Technical Services Scott Caldwell Executive Vice President & Chief Operating Officer

Bench Strength Bench Strength

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SLIDE 13

Growth from within Attention to assets Bench Strength Proven transactional capabilities Paracatu expansion, Gurupi, Refugio Optimize cash starved assets - Round Mountain, Kettle River Strengthen management team by attracting and retaining quality employees Corporate transactions where synergies can be realized

Strategy Strategy

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SLIDE 14

John Wild John Wild

Vice President & General Manager, Vice President & General Manager, Fort Knox Fort Knox DEDICATED TO BEING WORLD CLASS DEDICATED TO BEING WORLD CLASS

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SLIDE 15

Fort Knox Fort Knox

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SLIDE 16

Operating Statistics Operating Statistics

7.2 43.4 26.6 Capital costs ($ millions) 0.905 0.929 1.07 Average grade (grams/tonne) 3,216 13,524 13,685 Tonnes milled (000) 7,884 48,392 39,214 Tonnes mined(000) 291 220 244 Total cash costs ($/ounce) 75,980 340,000 303,999 Gold production (ounces) Q1 2004 2004E 2003

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SLIDE 17

PHASE 5 >>

Mining Tons 2004 Actual Target JAN 396 kt 500 kt FEB 933 kt 350 kt MAR 1,100 kt 522 kt Total 2,429 kt 1,372 kt

<< PHASE 6 >>

Mining Tons 2004 Forecast Budget APR 300 kt 0 kt MAY 700 kt 0 kt JUN 700 kt 938 kt JUN 1,700 kt 938 kt

Mining Progress Mining Progress

<< PHASE 4

Waste to Pearl Creek Causeway 2004 Actual Target MAR 800 kt 375 kt APR 300 kt 375 kt MAY 0 kt 350 kt Total 1,100 kt 1,100 kt

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SLIDE 18

– DRILL AND BLAST

  • actual drill time %
  • Drill pattern and blast design
  • Ongoing product testing
  • Mill throughput optimization

– GRADE CONTROL

  • Pattern preparation and cleanup
  • Shovel operator feedback reports
  • Increased technical support

Opportunities Opportunities

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SLIDE 19
  • EQUIPMENT EFFICIENCY
  • Flexibility (broken muck inventory, equipment avail%)
  • Bottlenecks (crusher flow, waste dump alternatives)
  • Crew exchange and scheduled downtime
  • Supervisor training and pre-/post-project review
  • Lost opportunity tracking (minutes, tons, ozs, $)

Opportunities Opportunities

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SLIDE 20

Total Tonnes Moved, 17% increase

25.4 11.0 6.0 48.3 43.7 3.4 1.7 41.8

Fort Knox True North Rehandle Total

2003 2004

$0.89 $1.04 $0.82 $1.15 $0.85 $1.32

Fort Knox True North Total

2003 2004

Decrease mining unit costs 8%

Improved Mining Results Improved Mining Results

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SLIDE 21

Drill Productivity, 14% increase

115 66% 120 80%

Drill Time, %

  • Pen. Rate, fph

2003 2004

6,163 4,873 7,000 10,000 6,000 7,700 6,600 6,743 7,598 5,792 9,128

CAT 777 CAT 785 MT3700 CAT 789 2001 2002 2003 2004

Tire Hour Life, 10% increase

Improved Equipment Availability Improved Equipment Availability

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SLIDE 22

– Technical training – Team building with NC Machinery – ALPM April, 2004 – Improved efficiency in-pit fuel and servicing – Planning and Supervision – Planned vs. actual maintenance – JD Edwards interface

Better Availability via Maintenance Better Availability via Maintenance

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SLIDE 23

2004 OBJECTIVES – Add 100,000 oz to the Gil (Placer Target) – Test remaining Ft. Knox in-pit and pit expansion

  • targets. Potential to add 50-100,000 oz

– Ft Knox mine plan optimized, potential to add 200,000

  • z. to reserves.

Exploration Exploration

  • Test additional exploration

targets between Ft Knox and Gil, peripheral to True North and elsewhere in the district.

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SLIDE 24

Fort Knox Fort Knox

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SLIDE 25

Mike Iannacchione Mike Iannacchione

Vice President & General Manager, Vice President & General Manager, Round Mountain Round Mountain DEDICATED TO BEING WORLD CLASS DEDICATED TO BEING WORLD CLASS

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SLIDE 26

Tailings Dam Dedicated Pad Town Reusable Pad Pit

Mine Overview Mine Overview

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SLIDE 27

Mine Overview Mine Overview

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SLIDE 28

Mine Overview Mine Overview

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SLIDE 29

Mine Overview Mine Overview

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SLIDE 30

Mine Overview Mine Overview

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SLIDE 31

Operating Statistics Operating Statistics

802 3,300 2,459 Tonnes milled (000) 2,175 7,200 6,453 Tonnes placed – Reusable pad (000) 1.3 8.1 4.9 Capital costs ($ millions) 0.53 0.51 0.59 Average grade (grams/tonne) 14,457 47,100 48,486 Tonnes placed – Dedicated pad (000) 8,684 39,000 44,566 Tonnes mined (000) 191 223 201 Total cash costs ($/ounce) 94,985 367,500 399,854 Gold production (ounces) Q1 2004 2004E 2003

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SLIDE 32
  • Round Mountain Pit Expansion

– 2 million ounce potential, $3.1 MM drill cost (Phase I)

  • Round Mountain Underground Development

– 1 million ounce potential, $13.0 million

  • Gold Hill Reserve Expansion

– 1 million ounce potential, $1.05 MM (first phase)

  • Gold Hill Underground Exploration

– +1 million ounce potential, $190K

  • “Golden Triangle” Focused Exploration

– +1 million ounce potential, $2.6 MM

  • Total Program Cost

– Total potential +6 million ounces, $20 MM over two years

Exploration Program Summary Exploration Program Summary

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SLIDE 33

Round Mountain Pit Expansion Round Mountain Pit Expansion

Current Pit Crest Ultimate Pit

1000

Potential Pit Expansion

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SLIDE 34

Current Ultimate Pit Outline Outline of the $500 MI & I Optimized Shell A A` S e c t i

  • n

L i n e A A` Inferred Resource > 0.006 opt Au External to $500 Shell

Round Mountain Pit Expansion Round Mountain Pit Expansion

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SLIDE 35

1000 Scale Main Gold Hill Area Shallow Resource Current $325 Reserve Pit Design Resource > 0.006 opt Au Deep Resource - Potential Mt Jefferson Caldera Margin Surprise M-Ace Area

Gold Hill Ore Body Gold Hill Ore Body

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SLIDE 36

Target

  • “Midas-style” high grade veins or vein swarms

– Rapidly thickening hot springs sinter-filled basins are a guide to high grade feeder zones – Potential for + 1 million ounces

  • Drill four deep holes testing section below the thickest areas of

the sinter basins

  • US $190,000
  • Drilling to commence in April

Gold Hill Underground Opportunity Gold Hill Underground Opportunity

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SLIDE 37

1000 Current $325 Reserve Pit Design Resource > 0.006 opt Au Mt Jefferson Caldera Margin 1000 Resource is open towards the South-West and at Depth Caldera Margin Mineralization

Sinter Basins

Midas-style veins

Gold Hill Exploration Concepts Gold Hill Exploration Concepts

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SLIDE 38

4,000'

Feet

2,000'

Dry Canyon Caldera Dry Canyon Caldera

  • Mt. Jefferson Caldera
  • Mt. Jefferson Caldera

Round Mountain Gold Mine Round Mountain Gold Mine Jefferson District Jefferson District

Dry Canyon Caldera Dry Canyon Caldera

R a n g e F r

  • n

t F a u l t R a n g e F r

  • n

t F a u l t

Caldera Caldera Margin Fault Margin Fault Mt Jefferson Mt Jefferson Margin Fault Margin Fault $325 Pit Outline $325 Pit Outline Limits of Known Sinter Limits of Known Sinter

N

East Surprise East Surprise Target Target

  • Mt. Jefferson Caldera
  • Mt. Jefferson Caldera

Margin Target Margin Target South Gold Hill South Gold Hill Target Target

Gold Hill Project Gold Hill Project

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SLIDE 39

Fred Mason Fred Mason

Vice President and General Manager, Vice President and General Manager, Compania Minera Maricunga Compania Minera Maricunga DEDICATED TO BEING WORLD CLASS DEDICATED TO BEING WORLD CLASS

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SLIDE 40

Refugio – Arial View Refugio – Arial View

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SLIDE 41

3,433,000 0.86 124,054 TOTAL 1,230,000 0.82 46,476 PANCHO 2,203,000 0.88 77,578 VERDE GOLD (ounces) GRADE (Au g/t) TONNES (t x 1000)

Mineral Reserves (US $350) Mineral Reserves (US $350)

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SLIDE 42

Key Projects Include:

  • New Mining Fleet
  • Rehabilitation of Man Camp
  • New Power Line (instead of generators)
  • ADR and PAD Rehabilitation
  • Re-design/Rebuild crushing & conveying system
  • Phased Leach Pad Construction to maximize gold release and

efficient pad loading schedules

  • Implement New Hire Employee Training Program
  • Site Safety and Training Program
  • Pre-Strip approximately 3 Million Tonnes

Rebuilding Refugio Rebuilding Refugio

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SLIDE 43

Key Projects to cost $46.5 Million

  • Power Line Construction
  • Crusher and Conveyor Rebuild
  • Water System Delivery Upgrade
  • General Projects (Including Ponds, Earth

Works, Dust Control etc)

  • Upgrade of Maintenance Shop / Wash Bay

Rebuilding Refugio Rebuilding Refugio

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SLIDE 44

Summary

  • 60 % Completion of Engineering
  • Key Long Lead Time Items Procured
  • Equipment Selected and Purchased
  • On schedule for Q4 2004 start-up
  • Capital costs of $102 million
  • Estimated annual production of 230,000 - 240,000
  • unces
  • Average total cash costs of $225 - $235 per ounce

Current Project Status Current Project Status

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SLIDE 45

Bob Taylor Bob Taylor

Vice President & Vice President & General Manager, Kettle River General Manager, Kettle River DEDICATED TO BEING WORLD CLASS DEDICATED TO BEING WORLD CLASS

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SLIDE 46

Kettle River Kettle River

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SLIDE 47

Operating Statistics Operating Statistics

0.5 1.5 9.4 Capital expenditures ($ millions) 8.24 8.74 n/a Average grade (grams/tonne) 96,862 359,500 n/a Tonnes milled (000) 73,625 336,300 29,544 Tonnes mined (000) 228 208 n/a Total cash costs ($/ounce) 25,347 100,000 n/a Gold production (ounces) Q1 2004 2004E 2003

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SLIDE 48

KETTLE MINE

F a u l t ( ? ) EMANUEL CREEK VEIN EMANUEL NORTH Resistivity Anomaly and N-S Fault(s)

K2 MINE EAST VEIN

NB97- 4 (-70/250 TD 1,509 ft) 11 ft @ 0.113 Au OPT In Sanpoil Fm.

CURLEW AREA 2004 EXPLORATION

E X P L A N A T I O N

Phase I Surface Core Holes (3) Phase II Surface Core Holes ( 3 ?) Phase II Surface RC Holes (4 ?) Resistivity Anomaly - High (Silicification ?) From CSAMT and IP & Resistivity Surveys Collar Location of existing drill hole

SCALE 2,000 FT

?

JANUARY 26, 2004

Phase 1 5 Core Holes Emanuel North

Kinross Gold Corp. Kettle River Operation

N

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SLIDE 49

Kettle River – Curlew District Prospects Kettle River – Curlew District Prospects

A A’

4500 EL 3500 EL 2500 EL 1500 EL 500 EL 0 EL

  • 500 EL
  • 1500 EL

4500 EL 3500 EL 2500 EL 1500 EL 500 EL 0 EL

  • 500 EL
  • 1500 EL

Klondike Mtn. Fm. Sanpoil Volcanics Curlew Creek Fault

Paleosurface

Foster Fault Bacon Creek Fault K2-East Vein 288,000 oz. Emanuel Creek 200,000 oz. & Emanuel North 250,000+ oz. Kettle Mine 64,000 oz.

1000 2000

Scale in Feet

Alluvium / Till Klondike Mtn. Fm. (Tkm) Quartz Monzonite Sanpoil Volcanics Vein Systems Faults

Explanation:

7000 feet sparsely drilled

Anomalous Au

1995-97 Drilling

  • Kettle and K2 found by surface showings
  • Gold deposits of this type—low-sulfidation epithermal veins—occur in clusters
  • Emanuel Creek and Emanuel North at west edge of buried basin
  • Strong alteration and/or anomalous Au below paleosurface wherever tested,

evidence of a large hydrothermal field.

  • Most veins are E-dipping, therefore W-dipping drill fence is being planned
  • Seismic reflection or additional CSAMT survey under evaluation

Curlew District Summary

West Kettle Area

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SLIDE 50

Emanuel North

Emanuel North Exploration Drilling Plan April-June 2004

  • 4 Surface Holes
  • 6160 Feet
  • $26/Ft

Surface Drill Target: Northern continuation

  • f Emanuel North
  • 4 UG Holes
  • 5900 Feet
  • $16/Ft

N

500 Feet

Bjornson Surface Drill Sites

A B C D E J I G H F E K L M N

  • 4 Surface Holes
  • 7,610 Feet
  • $26/Ft

Underground Drill Targets: Southern continuation, and/or repetition of, Emanuel North Target: Down-dip and hanging- wall tests of Emanuel North

Foster Fault 1000’ Elev’n Emanuel Creek Fault K 2 D i k e T r e n d EC Dike Trend EC WZ Emanuel North Growth Potential TF Explanation

Fault, dashed where speculative Mineralized potential Proposed drill-hole

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SLIDE 51

1055 Level 990 Level 925 Level 860 Level 810 Level

Emanuel Creek Grade Shell Stopes Completed

Looking West

E K M

Printed 03-10-04

G I A

800 EL 1000 EL 900 EL 1100 EL

Kettle River – Emanuel Creek Deposit Kettle River – Emanuel Creek Deposit

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SLIDE 52

Andesite Late Porphyry Dikes Diorite - Buckhorn Pluton Granodiorite - Buckhorn Pluton Buckhorn Andesite Clastic Sediments Marble Skarn (ore host)

Cretaceous - Tertiary Permian-Triassic 2,000 Ft

N

BUCKHORN MOUNTAI N PROJECT

Extent of Au- mineralized skarn subsurface

Gold Bowl Zones SW Zone Tertiary

Portland, OR

Seattle UNITED STATES CANADA

W A S H I N G T O N

Spokane BUCKHORN MO BUCKHORN MOUNTA TAIN PR PROJ OJECT

SURFACE GEOLOGY PLAN

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SLIDE 53

BUCKHORN MOUNTAIN PROJECT

0.89 / 10’ 1.10 / 17’ 2.03 / 10’ 1.42 / 20’ 2.26 / 15.5’ N Lookout Fault 1.28 / 10’ 0.96 / 15’ 1.52 / 20’ 0.48 / 5’

W E

0.31 / 35’ 0.35 / 30’ 0.29 / 35’ 0.43 / 20’ 0.46 / 30’ 0.28 / 30’

100 feet

Au Au-opt / Feet

  • opt / Feet

1.42 / 20’

Figure 56

SOURCE: Crown Resources Corp. 2002 Annual Report

SW Zone Cross-Section (Looking N)

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SLIDE 54

Buckhorn Mountain – Reserves and Resources Buckhorn Mountain – Reserves and Resources

Metric Tonnes Grade (gms/tonne) Contained Gold (ounces) Probable Reserves SW Zone 2,241,800 11.7 840,200 Gold Bowl 548,400 8.6 151,100 Total 2,790,200 11.1 991,300 Indicated Resources Gold Bowl 110,200 19.2 68,000

Reserves calculated by Crown Resources Inc., based on a gold price of $350 / oz.

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SLIDE 55

Ron Stewart Ron Stewart

Vice President, Exploration Vice President, Exploration DEDICATED TO BEING WORLD CLASS DEDICATED TO BEING WORLD CLASS

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SLIDE 56
  • 1. Replace Reserves at Existing Mines
  • 2. Advance Projects Within The Current Pipeline
  • 3. Identify & Acquire New High-Quality Exploration and

Development Projects. Exploration Strategy Exploration Strategy

slide-57
SLIDE 57
  • Reserve growth in 2003
  • Reserves defined at new deposits - Emanuel Creek, Pancho, Gold

Hill, Tsokol

  • New discoveries at Kettle River (Emanuel North), Crixas

(Forquilha Sul), Hoyle Pond (A Vein & UM Zone), La Coipa (Puren)

  • Advancing projects – Gurupi, Aquarius, Gil, PQ Deeps
  • Acquired new projects – Wind River, Buckhorn, Esperanza
  • More that 30 drills deployed – 90,000 metres drilling complete in

Q1 / 04

Achievements 2003 / Q1 2004 Achievements 2003 / Q1 2004

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SLIDE 58

Drilling Activity – Q1 2004 Drilling Activity – Q1 2004

5000 1 0000 1 5000 20000 25000 30000

Lupin Broads Dam Gurupi Kubaka Crixas LaCoipa PJV

  • R. Mtn.

Mwhte

m (000's)

YTD Mar

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SLIDE 59

LaCoipa MDO JV (50% Kinross) LaCoipa MDO JV (50% Kinross)

  • Puren (65% MDO, 35% Codelco)
  • 3 drills – 11,525 m drilled in Q1
  • Significant Results in Q1
  • Infill: 42m @ 2.36 g/t Au, 79.4 g/t

Ag; 128m @ 1.56g/t Au, 294 g/t Ag; 148m @ 0.65 g/t Au, 256 g/t Ag, 80m @ 2.60 g/t Au, 72 g/t Ag;

  • NW Discovery: 44m @0.25 g/t Au,

634 g/t Ag; 36m 0.32 g/t Au, 422 g/t Ag

  • Feasibility study underway
  • Optioned additional exploration

ground in the district

North Dump South Dump Phase 2 Phase 1 Phase NW

Property Boundary

slide-60
SLIDE 60

Puren – Section 700 NE Puren – Section 700 NE

29.7/20 99.8/62 104.4/52 34.4/66 2.19/98 1.42/36 1.87 / 114 2.32/126 1.94/94 1.24/100

Maite Karla Isidora Soledad

4,200m 4,000m 3,800m

Proposed Pit

4,400m

200 metres

104.4/52 1.94/94

Grade (g/t Au) / Core Length (metres) Grade (g/t Ag) / Core Length (metres)

Upper Volcanics Lower Volcanics

Fault Drill hole Intersection - Gold, Silver Overburden Silica Cap Argillic Alteration Silica-Argillic Alteration Silica Alteration Unaltered Au Mineralization (0.1g/t) Ag Mineralization (10.0g/t)

Karla

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SLIDE 61

Puren – Section 1050 NE Puren – Section 1050 NE

Maite Karla Isidora

4,200m 4,000m 3,800m

Proposed Pit

4,400m

257.0/154 369.9/168 575.3/150 749.0/84 1.82/90 1.54/52 1.37/142 0.95/84

200 metres

104.4/52 1.94/94

Grade (g/t Au) / Core Length (metres) Grade (g/t Ag) / Core Length (metres)

Upper Volcanics Lower Volcanics

Fault Drill hole Intersection - Gold, Silver Overburden Silica Cap Argillic Alteration Silica-Argillic Alteration Silica Alteration Unaltered Au Mineralization (0.1g/t) Ag Mineralization (10.0g/t)

Karla

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SLIDE 62

Puren – Section 1300 NE Puren – Section 1300 NE

Maite Karla Isidora

4,200m 4,000m 3,800m 4,400m

641.7/90 213.4/90 288.5/36

200 metres

104.4/52 1.94/94

Grade (g/t Au) / Core Length (metres) Grade (g/t Ag) / Core Length (metres) Fault Drill hole Intersection - Gold, Silver Overburden Silica Cap Argillic Alteration Silica-Argillic Alteration Silica Alteration Unaltered Au Mineralization (0.1g/t) Ag Mineralization (10.0g/t)

Karla

Upper Volcanics Lower Volcanics

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SLIDE 63

Porcupine JV (49% Kinross) Porcupine JV (49% Kinross)

  • 6 drills active 17,121m drilled in Q1
  • New high-grade discovery called

the UM zone at Hoyle Pond

  • Significant Results in Q1
  • UM Discovery: 0.8m @ 253.4 g/t; 6.1m

@ 43.37 g/t; 3.4m @ 17.88 g/t; 11.75m @ 81.24 g/t

  • A Vein:0.35m @ 2772.9 g/t; 0.9m @

148.6 g/t; 0.35m 579.15 g/t

  • Largest land holder with extensive

pipeline of projects in the prolific Timmins Camp

slide-64
SLIDE 64

Hoyle Pond – A Vein Hoyle Pond – A Vein

Diabase Dike (Oblique) Proven & Probable Indicated Development

Dec 31, 2003 Reserves & Resources Proven & Probable

Longitudinal Section Looking NW

50 100m

540mL 580mL 620mL 660mL 740mL 780mL T200 T250 T150 T100

Drilling in Progress

>10 gpt / 1.2m HMW <10 gpt / 1.2m HMW

2003 RESERVE 620- 820mL

Proven & Probable 100,107t @ 23.05g/t 74,185

  • z

Q1 04 Pr Q1 04 Producti

  • duction
  • n

740 & 700 740 & 700 de develo velopment pment 2,665t @ 47.32 g/t 2,665t @ 47.32 g/t

Indicated

14,871t @ 20.02g/t

T300 T350 T400

22.49/1.2m HMW 50.25/1.2m HMW

Intersections:

820mL 900mL 780mL 940mL

700 700 740 740 940 940 133.13 133.13 / 0 / 0.25m V m VG

CUR CURRENT DR NT DRILL ILLING NG TO EXPAND RESERVES TO EXPAND RESERVES

April 2004 Chip April 2004 Chip

slide-65
SLIDE 65

Gurupi (100% Kinross) Gurupi (100% Kinross)

  • 4 drills – 5,016m completed
  • 2.7 M oz indicated resource in

Cipoeiro and Chega Tudo

  • Significant Results in Q1
  • Cipoeiro 36m @ 2.82 g/t; 17m @ 1.24

g/t; 14m @ 1.19 g/t; 49m @ 2.63 g/t

  • Chega Tudo: 42m @ 1.68 g/t; 15m @

1.81g/t; 27m @ 1.42 g/t

  • Pre-feasibility study underway
  • Excellent property exploration

potential

Deformed Tonalites Granitic Rocks Volcanic Rocks Sedimentary Rocks Fault Gold Occurrence 10 kilometres Gurupi Property

Brazil

Rio de Janeiro

sedimentary Cover

Chega Tudo Cipoeiro

Kinross Holdings

Goldfields S.A. Goldfields S.A. CVRD

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SLIDE 66

Metasediments Tonalite

Section 4 Section 5 Section 6 Section 8 Section 10 Section 11A E x p l a n a t I o n Deposit Outline Kinross Infill Hole Existing Drill Hole (pre-Kinross)

Contact Contact Zone Zone Blanket Blanket Zone Zone

9,751,000 9,750,000 364,000 365,000

Scale (meters)

200 300 400 500 100

N

Section 9

Gurupi – Cipoeiro Deposit Gurupi – Cipoeiro Deposit

slide-67
SLIDE 67

Cipoeiro – Composite Section Cipoeiro – Composite Section

KCP-272 KCP-273

75 m 75 m

0.51/11 1.69/22 0.82/7 1.19/41 1.73/7 1.11/15 0.68/10 1.06/26 2.02/50 0.79/6 1.32/14 1.38/16 0.73/31 1.53/18 2.04/32 2.40/30 1.14/18 0.87/10 1.11/6 2.13/17 0.76.13 1.14/5 1.52.43 1.08/19 0.87/8 2.30/6 1.02/10 1.52/21 1.23/16 1.19/51 0.69/18 KCP-270 KCP-271 KCP-259 KCP-258 KCP- 275

Saprolite Metasediments Tonalite Ore Zone Kinross Drill Hole (KPT-) Other Drill Hole 1.06/26 Grade (g/t Au) / core length (metres) Drill Intersections

Assays pending Assays pending

0.67/10 0.67/13 1.34/68 0.70/9 1.51/48 1.05/19 1.19/15 0.57/20 0.53/36 0.27/8

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SLIDE 68

Chega Tudo – Composite Section Chega Tudo – Composite Section

Saprolite Metasediments Metavolcanics Mineralized Zone Kinross Drill Hole (KCT-) Other Drill Hole 1.06/26 Grade (g/t Au) / core length (metres) Drill Intersections Gabbro

1.00/58 0.63/36 0.63/22 0.71/8.0 KCT-260 KCT-261 1.60/44 1.38/10 3.32/14 0.74/14 2.46/10 1.92/11 1.75/15 1.59/9 1.81/15 0.56/11 1.19/33 1.51/39 0.63/16 0.62/19 0.55/36 1.01/20 1.04/33 0.53/28

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SLIDE 69

Kubaka (98.1% Kinross) Kubaka (98.1% Kinross)

  • 3 drills active 6,789m drilled in

Q1

  • Birkachan U/G potential being

evaluated

  • Significant Results in Q1
  • Birkachan: 3.8m @ 14.81 g/t; 2.9 @

11.62 g/t; 1.7m @ 42.03 g/t; 4.3 @ 148.3 g/t

  • 24,500m drilling approved for

Birkachan and Tsokol

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SLIDE 70

Wind River (Kinross Option) Wind River (Kinross Option)

  • Option to purchase finalized in Q2
  • Tertiary low sulphidation

epithermal vein

  • Three known veins, mine

development in place on Vein #2.

  • Vein 5
  • Average 14 ft true thickness grading

0.48 opt based on 24 holes;

  • 1.0 million ounce potential outlined
  • 2 phase, 38 hole, 3600m drill

program approved – commencing in Q2

1800 FT 1700 FT 1600 FT 2400 FT 2200 FT 2000 FT 2100 FT 2300 FT 2000 FT 2100 FT 2200 FT 1900 FT 2300 FT 2400 FT 1700 FT 1800 FT 1900 FT

WR-9 0.43/ 10ft 0.90 / 10ft 0.51 / 16ft 0.68 / 20ft 0.41 / 16ft

Looking N 15º E

200 Ft

VEIN No. 5

Vein No.5 Cross-Section

PROPOSED CORE HOLES Intercepts 0.43/10ft

  • unces per ton / true

thickness in feet

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SLIDE 71

Wind River Option Wind River Option

WR 2002 RC Hole Youngquist Core Hole Delano Core Hole

Contours are true thickness in feet Posted grades are Au opt

400 ft

(Looking West)

0.825 / 0.825 / 33’ 33’ 0.351 / 0.351 / 25’ 25’ 0.366 / 0.366 / 30’ 30’ 0.468 / 0.468 / 30’ 30’ 0.38 / 7.7’ 0.38 / 7.7’ 0.546 / 0.546 / 50’ 50’ 0.68 / 19.5’ 0.68 / 19.5’ 0.90 / 20’ 0.90 / 20’ 0.21 / 11’ 0.21 / 11’ 0.27 / 8’ 0.27 / 8’ 0.25 / 8’ 0.25 / 8’ 0.76 / 5’ 0.76 / 5’ 2.22 / 2.5’ 2.22 / 2.5’ 0.43 / 10’ 0.43 / 10’ 0.574 / 0.574 / 20’ 20’ 0.35 / 10’ 0.35 / 10’ 0.64 / 19’ 0.64 / 19’ 0.35 / 10’ 0.35 / 10’ 0.51 / 16’ 0.51 / 16’ 0.19 / 14’ 0.19 / 14’ 0.53 / 17’ 0.53 / 17’ 0.20 / 11’ 0.20 / 11’ 0.325 / 0.325 / 12. 12.5’ 5’ 0.32 / 11’ 0.32 / 11’

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SLIDE 72
  • Focus on reserve growth, advancing the pipeline and

acquiring new high quality projects

  • Major new exploration campaigns approved at Round

Mountain, Kettle River, Fort Knox, Kubaka and Gurupi

  • 2004 budget of $20 million

Summary Summary

slide-73
SLIDE 73

Jerry Danni Jerry Danni

Vice President, Vice President, Environmental, Health and Safety Environmental, Health and Safety DEDICATED TO BEING WORLD CLASS DEDICATED TO BEING WORLD CLASS

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SLIDE 74

Core Business Functions:

  • Exploration
  • Acquisition
  • Development
  • Operations
  • Closure

“World Class” EH&S Program “World Class” EH&S Program

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SLIDE 75

Director Health & Safety (Hugh Ducasse) Vice President Health & Safety (Open) Manager Environmental Affairs (Lisa Wade) Vice President Environmental Affairs (Ed Opitz) Vice President Regluatory and Gov't Affairs (Debbie Struhsacker) General Manager Kinross Minera Chile (Guillermo Contreras) Project Manager Buckhron Project (Scott Marikis) Environmental Manager (Mark Ioli) Engineering Manager (Kevin Roach) Project Managers Reclamation Operations VP/GM Reclamation Operations ( Bill Goodhard) Vice President Environment, Health and Safety (Jerry Danni) Board of Directors EHS Committee Scott Caldwell Chief Operating Officer

EHS Organizational Structure EHS Organizational Structure

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SLIDE 76

2003 2004 2005 2006 2007 +

Closure Property Schedule Closure Property Schedule

Guanaco Haile Hayden Hill Mineral Hill Lupin Wind Mountain Sunnyside QR New Britannia Sleeper Delamar Candelaria

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SLIDE 77

Closure Property Spending Closure Property Spending

($US millions) 2004 2005 2006 2007 + Care and Maintenance 0.52 0.43 0.58 Delamar 7.44 4.17 3.41 0.61 Haile 4.50 1.79 0.23 0.17 Hayden Hill 0.53 0.70 0.17 0.21 Mineral Hill (1.16) 0.27 0.24 0.41 Sunnyside 0.22 0.21 0.02 0.00 Wind Mountain 0.01 0.01 0.01 0.05 Total Reclamation Costs 12.1 7.6 4.7 1.5

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SLIDE 78
  • 5,000

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 2003 2004 2005 2006 2007 2008 2009 2010 2011+

Total Closure Property Obligation Total Closure Property Obligation

US$ thousands

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SLIDE 79

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 2003 2004 2005 2006 2007 2008 2009 2010 2011+

Closure Property Financial Assurance Closure Property Financial Assurance

US$ thousands

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SLIDE 80

Kinross Investor Presentation Kinross Investor Presentation

May 11, 2004 May 11, 2004

dedicated to being world class